By Adewale Sanyaolu
In a major price change regime, the Nigerian National Petroleum Company (NNPC) Ltd and members of the Major Energy Marketers Association of Nigeria (MEMAN) have adjusted their various pump prices to reflect current market realities.
Daily Sun had exclusively reported the failure of Independent Petroleum Marketers Association of Nigeria (IPMAN), to begin the implementation of the directive of the National body instructing members to begin the sale of petrol at N935 per litre.
The development left many motorists at various filling stations in Lagos disappointed.
IPMAN National President, Mr. Maigandi Garima, had on Sunday said the price of petrol will drop to N935 per litre by yesterday.
IPMAN said the new price was necessitated by the reduction in Dangote Refinery’s fuel ex-depot price and uniform arrangement, which would enable marketers to sell at N935 in their outlets nationwide.
But, findings by Daily Sun across filling stations operated by IPMAN on Monday revealed that they were yet to adjust their pumps to reflect the new price regime.
Most of the filling stations were still selling petrol between N1,100 and N1,200 per litre.
The development was also the same for filling stations operated by NNPC Retail outlets which had its ex-depot price of petrol reduced from N1,020 to N899 per litre.
At the NNPC Retail outlets, the price of petrol was still being sold at the old rate of N1,015 per lite.
But, as yesterday, NNPC retail outlets and filling stations operated by major marketers had adjusted their pump prices to N925 and N975 per litre, respectively.
The development has brought some measure of relief to motorists who are now buying more quantity at reduced prices.